• Global Markets Investor
  • Posts
  • ⚠️CHART OF THE WEEK: Turkey is burning through its gold reserves at an unprecedented pace

⚠️CHART OF THE WEEK: Turkey is burning through its gold reserves at an unprecedented pace

Where is all the gold Turkey is selling ending up?

Author

Global Markets Investor
April 04, 2026

In partnership with

GLOBAL MARKETS INVESTOR’S PORTFOLIO IS 🔥UP +93%🔥SINCE JANUARY 2024

DURING THE MARCH-APRIL 2025 MARKET TURMOIL, MAJOR US INDEXES FELL NEARLY 20%, WHILE THE GMI PORTFOLIO GAINED OVER 5%, FIND OUT HOW BELOW:

Global Markets Investor

Global Markets Investor provides data-driven analysis on global financial markets and economies. Every insight is backed by real positioning. If this helps you navigate ever-changing market developments, consider becoming a premium subscriber.

globalmarketsinvestor.beehiiv.com/c/investment-portfolio

Turkey’s gold reserves plunged -69.1 tonnes last week to 702.5 tonnes, the largest weekly decline since data began in 2013.

Over the last 2 weeks, Turkey has sold or swapped ~118 tonnes of gold, worth nearly ~$20 billion, wiping out 6 years of accumulated purchases in just 3 weeks.

100 Genius Side Hustle Ideas

Don't wait. Sign up for The Hustle to unlock our side hustle database. Unlike generic "start a blog" advice, we've curated 100 actual business ideas with real earning potential, startup costs, and time requirements. Join 1.5M professionals getting smarter about business daily and launch your next money-making venture.

Of last week's decline, ~26 tonnes were outright sales and ~42 tonnes were used in swap transactions to generate foreign currency liquidity.

This comes as the central bank aggressively defends the Turkish Lira amid skyrocketing energy prices from the Iran war, which are putting massive pressure on Turkey as a major oil importer, alongside ~$26 billion in foreign currency sales since the conflict began.

Turkish gold reserves peaked at ~880 tonnes in 2022 and are now at their lowest since 2023.

Where is all the gold Turkey is selling ending up? China?

The market experienced the worst start to the year since the 2022 bear market

The Iran war, collapsing AI sentiment, and the Strait of Hormuz closure defined a brutal quarter for investors

Global Markets Investor • Global Markets Investor

⚠️Foreign central banks are dumping US Treasuries at the fastest pace in years

Foreign central banks are adding to the pressure in the Treasury market at the worst possible time

Global Markets Investor • Global Markets Investor

If you find it informative and helpful, consider a paid subscription or become a Founding Member, and follow me on Twitter or Nostr: